Solana’s decline after announcing its network outage
Solana, after being plunged with network issues, nosedived by 12%. The network, which was once hailed as one of the fastest blockchains and a challenger to Ethereum, was down on June 1 due to network challenges. This is the second time in the month’s space that this will happen to the blockchain network. The chain was forced offline for about four and a half hours due to a cold wallet transaction bug called “Durable Nonce Transactions.” Since the outage was announced, SOL which traded as high as $45.55 on Wednesday, now trades at $40.77, more than a 12% decline.
Bitcoin falls below $30k as Feds reduce balance sheet
After a positive start to the week, opening with a 9% rise, Bitcoin, after hitting $32k, is now experiencing another bearish trend. On Wednesday, June 1, Bitcoin dropped by 6.9% as it traded as low as $29,500. The cause of the drop has been hinted to be the Fed’s plan to reduce their balance sheet, as they revealed that they would reduce the $9 trillion balance sheet by $45 billion. The extended bearish season has made bitcoin miners, known for HODLing, sell their mined tokens, as miner outflows reached an all-time high since January in a bid to maintain profit.
Ethereum becomes the leading NFT chain with an all-time NFT sales of $27 billion
Ethereum continues to maintain its claims as the leading chain for NFT transactions after on-chain data showed that Ethereum had crossed another milestone after extending its all-time NFT sales volume to over $27 billion. According to CryptoSlam, the first blockchain to support NFT has traded more than $27.5 billion worth of digital collectibles on its blockchain. Ethereum reached this milestone with 10,626,223. This spike in sales volume can be linked to the increase in the number of unique buyers that joined the blockchain giant. Between August 2021 and January 2022, unique buyers increased by up to 148%, adding more than 1.27 million transactions within this period.
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